Submitted by Raul Ilargi Meijer via The Automatic Earth blog,
The first thing that popped into our minds on Tuesday when WTI oil briefly broached $30 for its first $20 handle in many years, was that this should be triggering a Gawdawful amount of bets, $30 being such an obvious number. Which in turn would of necessity lead to a -brief- rise in prices.
With the feds probing Deutsche Bank's exaggerating Auto ABS demand, car dealerships suing automakers for being forced to channel-stuff, direct evidence of massive channel-stuffing with near-record inventories-to-sales, and sales now beginning to tumble after last month's weak credit growth, it is perhaps no wonder that Fitch has raised the warning flag about automotive vehicle and parts makers...
As we demonstrated last week, the cracks are already starting to show.
Sales slowing dramatically...
As we noted earlier, the Atlanta Fed waited until the market close to reveal its most dire GDP estimate yet: a paltry 0.6%, matching the 0.6% recorded during the "harsh winter" first quarter: one could be forgiven to think that during today's already chaotic selloff, the last thing traders and algos needed was news that US economic growth had ground to a virtual halt.
Submitted by Lance Roberts via RealInvestmentAdvice.com,
Last week, I started the weekly reading list by stating:
“This week has certainly been interesting with the Dow Jones Industrial Average having the worst start to a year…well…ever.”
This week was not much difference as the markets continued their slide into the “worst-start-of-the-year-everer.”
With less than half an hour until the close, we asked the Atlanta Fed - the most accurate predictor of GDP - which was scheduled to post an update of its Q4 GDP NowCast following today's ugly economic data, if it was was planning on releasing its latest Q4 GDP estimate before or after the close, something it usually does just before noon.
Dear @AtlantaFed will you be updating your Q4 GDP NowCast today as your schedule says you will? https://t.co/YrUvkxf5Nl
— zerohedge (@zerohedge) January 15, 2016